Credit Suisse

Veritas, the Californian data management company, has become the first US borrower to roadshow for a euro high yield bond in the second half of this year — and bankers say it will soon have company.

Several of Europe’s largest banks, including Santander and Credit Suisse, have been raising equity capital this year to satisfy regulators. But FIG ECM specialists believe this is coming to an end. Taking its place will be the re-privatisations of nationalised banks, and on the horizon, a return of mergers among banks. Olivier Holmey reports.

Perform Group, the UK digital sports media company, announced its intention on Wednesday to hit the high yield market with its first bond: £200m of secured notes to fund new content.

Credit Suisse made good use of money market funds to secure €1.5bn in two year floating rate note on Wednesday.

Latin American development Corporación Andina de Fomento (CAF) clinched its tightest ever spread and coupon in the euro market on Tuesday with a five year deal that was larger than the borrower had initially intended.

Market sentiment improved towards the back of last week when some pipelined deals burst into the market, and that sentiment has continued to improve in the early throes of this week.

BNP Paribas sold its last remaining shares in Klépierre, the French property company, for €829m on Monday night, in an accelerated bookbuild.

UBS announced the future sale of a euro denominated holding company transaction this week, as UK and Swiss banks look to get investors on board with the shift of issuance away from operating companies.

Deutsche Bahn priced a Sfr175m 10 year bond on Monday, its first issue in Swiss francs for over a year.

Worldpay, the UK payments processing company, on Thursday sold its first bond issue, a €500m deal — in what could be the busiest string of seven trading days since July, with four more deals roadshowing.

Two equity-linked bonds came to market in as many days this week, after a long period of slow issuance. Both were priced at the best terms for the issuers, highlighting how avidly investors will buy the paper when market conditions are right.

Autodistribution, the French car parts distributor, has priced its €237m of pay-if-you-can notes, to finance its buyout by Bain Capital.